Internet of Things data analytics company Mnubo announced today that it has raised a $6 million round of financing to accelerate its IoT data science development and expand the commercialization of its SmartObjects analytics service.
The Series A round was led by White Star Capital and included McRock Capital.
Over the past year, Mnubo has seen an increase of over 400% in the number of connected objects on its platform. These manufacturers are using the Mnubo to enrich their sensor data and integrate insights into business processes.
“In 2012, mnubo was a precursor in Analytics built specifically for the IoT. Today, it has become clear to the entire industry that the real business value is about transforming raw sensor data into actionable insights,” mentioned Frederic Bastien, co-founder and CEO at Mnubo.
The Series A funding will be used towards expanding Mnubo’s global commercial team, enhancing the user experience and accelerating its ongoing data science and machine learning initiatives, the Canadian company says. Mnubo plans to hire more talent in Montreal, and abroad, to fuel its product development and commercialization efforts.
“Billions of connected devices are already around us today and tens of billions more will come online soon. While these sensors capture data, a solution like Mnubo’s is critical to turn such data into business value,” said Jean-Francois Marcoux, General Partner at White Star.